Elon Musk, the billionaire founder of Tesla and SpaceX, has touted the revolutionary impact of cryptocurrencies – while seemingly mocking the concept in the same breath.
Musk can be heard in a video uploaded by Kevin Svenson saying, “There is a good chance that crypto is Earth’s future currency.” How ironic would it be if Dogecoin (DOGE), the coin invented as a joke eventually wins, Musk thought.
Elon Musk is talking about $ DOGE Mint
(Released 4 hours ago)@Elon Musk said “That’s a good chance #Crypto is the future currency of the earth … but which one will it be? ” #Doge #DogeCoin #Bitcoin #cryptocurrency #cryptocurrencies #Doge pic.twitter.com/HDaf5jw3Xx
– Kevin Svenson (@KevinSvenson_) February 6, 2021
What would be the most ironic outcome? That the currency invented as a joke will actually become a real currency, ”he said.
DOGE has been central to one huge pump-and-dump Spurred on by Reddit traders and investors who have become very receptive to Musk’s tweets. The last camp is not small either.
A recent report from Blockchain Research Lab entitled, How Elon Musk’s Twitter Activity Moves Cryptocurrency Markets, showed the billionaire has a positive influence about the value of digital assets and act when he tweets about them.
The report said:
“At all events, we see significant increases in trading volume attributable to the events.”
Musk’s ability to move the markets through Twitter has worried some investors, given the enigmatic CEO’s turbulent history at the U.S. Securities and Exchange Commission, or SEC.
Like CNBC reportsMusk’s tweets were responsible for the recent 12% rise in CD Projekt, which created the video game Cyberpunk 2077. of the Press GameStop briefly can negatively impact retailers getting caught up in the hype.
After breaking above $ 500 in late January, GameStop’s stock price has plummeted all the way back to the below $ 70 level.
Musk has clashed with the SEC in the past after tweeting his desire to take Tesla private at $ 420 a share. He and Tesla each had to pay the securities regulator a $ 20 million fine settle down allegations of fraud related to the tweet. The settlements had a serious impact on the corporate structure of the electric vehicle manufacturer:
“The settlements, which are subject to court approval, will result in extensive corporate governance and other reforms at Tesla – including Musk’s removal as chairman of the Tesla board – and Musk and Tesla’s payment of financial penalties.”
“I don’t respect the SEC,” Musk said after he paid the fine.
Despite the backlash from the regulations, Musk told 60 Minutes in a December 2018 interview that his tweets will not be censored. He explained:
“The only tweets that should be reviewed would be if a tweet had the chance to cause a movement in the stock.”